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> The most heinous crimes and atrocities in today's world are being funded with cryptocurrency. Just for kicks: according to several sources (IMF, CIA world fa

> The most heinous crimes and atrocities in today's world are being funded with cryptocurrency. Just for kicks: according to several sources (IMF, CIA world factbook, UN, ...), the percentage of the world's GDP tied to criminal activities is 2% to 5%. 2% to 5% of the entire world's GDP. We're in a $100 trillion+ world GDP. So 2 to 5 trillion USD are tied to criminal activities. The most heinous crimes and atrocities in today's world are, sadly, not very different from the most heinous crimes and atrocities from 15 years ago. And 15 years ago they had nothing to do with cryptocurrencies. There's no way to launder 2 to 5 trillion using cryptocurrencies. These amount are just way too big. > But moving a million dollars in physical cash is much harder. A million? Criminals have to move 2 to 5 trillion USD yearly. Cryptocurrencies are insignificant and helpless here: the amounts are way too big. Moreover most cryptocurrencies uses aren't fraudulent (you have to be dumb to leave tracks in Bitcoin or Ethereum public ledgers, as shown by TFA once again) and most crimes do not involve cryptocurrencies. What about priorities? As in: going after the actual crimes instead of a totally insignificant source of funding of said criminals? 2 to 5 trillions, yearly, tied to criminal activities. Ponder that.

eastbound 3y ago
If 90% of those trillions go through cryptocurrency platforms, wildly justifies closing them down. Or at least implement drastic Know-Your-Customer rules. But at the same time, if those platforms are also only used by people who bypass taxes, then there is no legit usage left for those platforms. Might as well leave them open and investigate each customer.
- MacsHeadroom 3y ago
  90% of those trillions go through a combination of cash, Wells Fargo, and JP Morgan Chase.
pavlov 3y ago
A lot of crime is obviously very local. The 2-5% of GDP number is irrelevant in this context. > “What about priorities?” Yeah, whataboutism is the primary line of defense for crypto. It’s possible to do multiple things at once. If we shut down this environmental disaster of a virtual casino that’s used primarily by the criminals, it won’t take away anything from all the other efforts to fight crime.
- jakupovic 3y ago
  You don't like crypto don't use crypto. No need to poison the well for others...

eastbound 3y ago

If 90% of those trillions go through cryptocurrency platforms, wildly justifies closing them down. Or at least implement drastic Know-Your-Customer rules. But at the same time, if those platforms are also only used by people who bypass taxes, then there is no legit usage left for those platforms. Might as well leave them open and investigate each customer.

MacsHeadroom 3y ago
90% of those trillions go through a combination of cash, Wells Fargo, and JP Morgan Chase.

pavlov 3y ago

A lot of crime is obviously very local. The 2-5% of GDP number is irrelevant in this context. > “What about priorities?” Yeah, whataboutism is the primary line of defense for crypto. It’s possible to do multiple things at once. If we shut down this environmental disaster of a virtual casino that’s used primarily by the criminals, it won’t take away anything from all the other efforts to fight crime.

jakupovic 3y ago
You don't like crypto don't use crypto. No need to poison the well for others...